Parkson Holdings Berhad is a Malaysia-based investment holding company. The Company, along with its subsidiaries, is principally engaged in the operations of the Parkson brand department stores. The businesses are located in China, Malaysia and Vietnam. The Company has a chain of 82 Parkson department stores, with 31 in Malaysia, 46 in China and 5 in Vietnam. The Company’s subsidiaries include East Crest International Limited, Prime Yield Holdings Limited, PRG Corporation Limited and Sea Coral Limited. On October 9, 2008, East Crest International Limited, a wholly owned subsidiary of the Company, disposed of Jet East Investments Limited. In August 2009, the Company acquired Bond Glory Limited, which is the legal and beneficial owner of the entire equity interest in Choice Link Limited.

My opinion based on 2010 Q3 report (number in '000):
- Our retail operations continued to deliver favourable performance on the back of strong regional economic growth. Coupled with continuous merchandise brand re-alignment and timely store refurbishment, the Group generated a growth of 10% gross sales proceeds compared in the same period of last year
- Included in the profit from operations for the current quarter was a share options expense of RM20.1 million arising from the share options granted by Parkson Retail to its eligible employees. Excluding the impact of the share options expense, on a comparable basis, profit from operations for the current quarter increased by 17% compared with the preceding year corresponding quarter and this has resulted in the higher profit from operations for the 9 months period ended 31 March 2010 (excluding the share options expense)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.528, estimate PE on current price 5.35 = 10.04(DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.528, estimate highest/lowest PE = 11.42/9.56 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q1 result announced = (0.513+0.4234)/2 = 0.4682, estimate highest/lowest PE = 13.14/10.76 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4234, estimate highest/lowest PE = 12.9/11.6 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.4234, estimate highest/lowest PE = 13.6/10.84 (DPS 0.05)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.4234, estimate highest/lowest PE = 11.1/7.51 (DPS 0.1)

My notes based on 2010 quarter 1 report (number in '000):
- Group revenue for the first quarter ended 31 March 2010 was marginally higher than the same period last year. The increase was mainly due to higher revenue recorded by the film exhibition and distribution division, off-set by lower revenue from the environment engineering, waste management and utilities division as no new contracts were secured during the quarter
- Group profit before tax represents an increase of about 14% over the corresponding period last year. Despite lower flour selling prices, the flour and feed milling division contributed higher profits due to lower raw material costs whilst film exhibition and distribution registered higher profits arising from higher admissions due to better movie titles released
- The completion of disposal of the Group's sugar-related assets in early January 2010 resulted in a gain of RM838 million recognised in the first quarter under review
- Group profit before tax for continuing operations was 6% lower compared with the preceding quarter. This was mainly due to lower profit contribution from Wilmar International Limited in the current quarter. However the grains trading, flour and feed milling and other divisions recorded higher profits; whilst the livestock farming division incurred a loss for the current financial period
- Estimate next 4Q eps after 2010 Q1 result announced = 1.2268+0.0127 = 1.2395 (adjustment from 0.242-0.2293, 0.242 represent eps excluded disposal of assets), estimate PE on current price 15.5 = 11.92(DPS 0.73)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.2268 (10% drop from 1.3631), estimate highest/lowest PE = 14.4/12.48 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.2357, estimate highest/lowest PE = 13.15/11.79 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.2152, estimate highest/lowest PE = 13.13/12.22 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q1 result announced = 1.0309, estimate highest/lowest PE = 14.7/9.96 (DPS 0.23)

MBM RESOURCES BERHAD is an investment holding company. The Company’s operating businesses are organized into three business segments: investment holding; marketing and distribution of motor vehicles and other related activities, and manufacturing of automotive parts, trucks and vehicles body building and other related activities. It operates through several subsidiaries. Its subsidiaries include Daihatsu (Malaysia) Sdn Bhd (DMSB), which is engaged in the marketing and distribution of motor vehicles, spare parts and provision of related motor repair services; Summit Vehicles Body Works Sdn. Bhd., which is engaged in trucks and vehicles body building and general engineering works, and Galaxy Waves Sdn. Bhd. whichis engaged in investment holding. On March 31, 2007, it acquired a 16.35% interest in Federal Auto Holdings Berhad (FAHB), which increased its interest in FAHB to 86%. In August 2008, it disposed Auto Style Enterprise Limited and Sun Motors Limited to Med-Bumikar Mara Sdn. Bhd.

My notes based on 2010 quarter 1 report (number in '000):-
- Recovery in the auto industry gathered pace with total industry volume (TIV) improving 6.1% over the preceding quarter and year‐on‐year expansion of 24.2%
- The Ringgit strengthened against the Yen, resulting in an improvement in operating margins
- Robust demand for the commercial and passenger vehicles under the Group and contribution from the new dealerships resulted in substantial gains in revenue and profitability
- The manufacturing subsidiaries also continued to benefit from the rise in TIV
- Profit for the period recovered substantially from a low base in Q1 2009
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4772 (base on year 2008 eps), estimate PE on current price 2.78 = 5.7(DPS 0.06)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0931*4 = 0.3724, estimate highest/lowest PE = 7.09(DPS 0.06)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0916*4 = 0.3664, estimate highest/lowest PE = 7.21/6.39 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0568*4 = 0.2272, estimate highest/lowest PE = 10.65/8.98 (DPS 0.06)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0381*4 = 0.1524, estimate highest/lowest PE = 14.37/12.6 (DPS 0.18)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.0672*4 = 0.2688, estimate highest/lowest PE = 8.59/6.58 (DPS 0.18)

MULTI-PURPOSE HOLDINGS BERHAD is engaged in the core businesses of financial services, stock broking and gaming. The principal activities consist of investment holding and trading, operation of general insurance business, provision of leasing, hire purchase, factoring and general loan financing services, operation and management of a licensed four digit numbers forecast betting game, operation of hotels and of a golf club, securities broking and dealing, designing and construction of railway and related activities, property development, provision of share registration and management services, printing activities, and provision of computer software and other related services. In March 2008, it incorporated a wholly owned offshore subsidiary, Multi Purpose International Limited. In June 2008, the Company acquired Caribbean Gateway Sdn Bhd.

My notes based on 2010 Quarter 1 report (number in '000):-
- The Group recorded 31.87% higher than previous corresponding period profit before taxation due to overall improvement in the Gaming, Stockbroking and Financial Service Divisions
- The profit before taxation of the Gaming Division is 32.23% higher than previous corresponding quarter. The improvement is contributed by increase in the number of draws, contributions from the 4D Jackpot game and lower finance cost
- Gains from proprietary trading, foreign exchange earned from foreign trades and other income in the Stockbroking Division have resulted 64.12% higher in profit before tax as compared to previous corresponding quarter
- The Financial Service Division reported a profit as compared to loss in the previous corresponding period due to improved underwriting performance with the tightening of underwriting in the non-performing classes has contributed to the higher results
- The Group recorded a 18.43% dropped of profit before taxation from the continuing operations as compared to the immediate preceding quarter. The higher profit in preceding quarter is mainly due to the gains on disposal of investments
- Estimate next 4Q eps after 2010 Q1 result announced = 0.22*1.05 = 0.231 (5% grow adjustment from 0.22 due to positive result), estimate PE on current price 1.97 = 8.14(DPS 0.09)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.05*4 = 0.2*1.1 = 0.22 (10% grow from 0.2, due to 4D Jackpot game and current economic environment, result exclude other income), estimate highest/lowest PE = 11.05/8.27 (DPS 0.1, correction to last quarter estimated)

My notes based on 2010 quarter 1 report (number in '000):-
- For the first quarter of 2010, the Group achieved revenue increases of 10% and profit before tax increases of 49%
- Manufacturing continued to perform strongly, boosted by a 40% growth in sales into the Malaysian private sector over the same period last year. Pharmaceutical wholesale, marketing and distribution also returned record results, with sales and distribution of the Consumer Division exceeding budget. Own brand products introduced into the market in the first quarter include Aslene (orlistat) for weight management, and AvoMeter, a range of blood glucose monitors and test strips
- Operations in China maintained its growth momentum, with first quarter 2010 attributable net profits increasing more than threefold over that achieved in the same period last year
- Profit before tax for the current quarter is 28% lower than the last quarter of 2009. In the last quarter of 2009, Xiamen Maidiken Science & Technology Co Ltd's intermediate holding company for its retail and distribution operations, Luyan (Fujian) Pharma Co Ltd, issued new shares at a premium to new investors for a 24.5% equity stake. Recognition by Group of it's share of the premium contributed a non-recurring income of RM 3.4 million in the fourth quarter of 2009
- Estimate next 4Q eps after 2010 Q1 result announced = 0.32 (add 5% adjustment from 0.3048 due to profit boosted), estimate PE on current price 2.88 = 8.38(DPS 0.1975)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.3048 (10% grow from 0.2771(after deducted 3.4 mil)), estimate highest/lowest PE = 10.74/6.18 (DPS 0.1975)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2385, estimate highest/lowest PE = 8.82/7.26 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2365, estimate highest/lowest PE = 7.83/6.44 (DPS 0.0975)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.2312, estimate highest/lowest PE = 6.64/5.47 (DPS 0.095)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.2168, estimate highest/lowest PE = 6.11/4.59 (DPS 0.095)

My notes based on 2010 Quarter 1 report (number in '000):
- The Group recorded higher revenue as compared to correspondng quarter, mainly due to all of the Group's business segments contributed from the increased activities of its ongoing projects
- As compared to preceding quarter, the Group recorded higher profit for the current quarter was mainly contributed by improved operational margins from higher revenue recognized on the Group’s on-going property development and construction activities
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0471 (0.038+0.0093-0.0002), estimate PE on current price 1.43 = 30.15(DPS 0.01)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0136*4 = 0.0544, estimate highest/lowest PE = 31.43/25 (DPS 0.01)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.011*4 = 0.044, estimate highest/lowest PE = 40.91/28.64

My notes based on 2010 Q1 report (number in '000):
- The consolidated revenue of the Group for the current quarter under review was higher than the corresponding period last year by 11.89% mainly from airport operations, driven by stronger recovery in air travel demand
- Passenger movements for the current quarter was 21.04% higher than the corresponding period last year, in which the international and domestic passenger improved by 31.43% and 12.72% respectively
- The improved revenue was also as a result of growth in retail business and higher rental revenue derived from additional commercial space
- Profit before tax (PBT) for the current quarter under review was slightly lower than the corresponding period last year by 4.90% mainly due to the adoption of FRS 139 resulting in the higher share of losses in an associate company, whereby, the concession payable by the associate company was recognised at fair value and subsequently at amortized cost
- Stripping out the FRS 139 effects, the profit before tax for the current quarter was RM 139.92 million, 12% higher than the corresponding period last year. The improved PBT was due to the overall higher revenue achieved in the current quarter
- In addition, the preceding year corresponding quarter PBT figure had included a reversal of lease rental payable to the Government totalling RM 52.0 million and a backdated user fee amount in respect of financial year 2008 paid to the Government of RM45.8 million subsequent to the signing of the Operating Agreements
- There were also other one-off transactions pursuant to the signing of the Operating Agreements. However, after considering the said transactions, operationally, the Group had performed better as reflected by the higher passenger and revenue numbers
- The consolidated revenue of the Group for the current quarter under review was 8.48% below the immediate preceding quarter. The adverse variance was due to lower revenue from airport operations which decreased by 9.0%, attributed mainly to lower passenger movements by 7.23%. The non-aeronautical revenue however, improved by 3.44% which was mainly contributed by revenue derived from rental upon completion of the KLIA LCCT expansion in April 2009 and Retail Optimization Plan at the KLIA Satellite Building and Contact Pier in November 2009
- The current quarter also showed a 41% decrease in the revenue from non-airport operations as compared to the immediate preceding quarter mainly due to lower revenue derived from the project management segment
- Profit before tax for the current quarter under review was lower than the immediate preceding quarter by 24.61% mainly due to lower revenue, higher share of associate losses and higher depreciation expense. The depreciation expense in the immediate preceding quarter was lower due to the adjustment made for revision of assets useful life
- Estimate next 4Q eps after 2010 Q1 result announced = 0.3429-(0.3429*0.1) = 0.3086 (10% drop from 0.3429), estimate PE on current price 4.81 = 14.84(DPS 0.229)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.086*4 = 0.344, estimate highest/lowest PE = 13.97/12.89 (DPS 0.233)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0758*4 = 0.3032, estimate highest/lowest PE = 15.72/11.36 (DPS 0.233)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.068*4 = 0.272, estimate highest/lowest PE = 13.18/11.6 (DPS 0.1855)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0695*4 = 0.278, estimate highest/lowest PE = 13.07/10.27 (DPS 0.1855)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.069*4 = 0.276, estimate highest/lowest PE = 12.37/7.63 (DPS 0.1855)

My notes based on 2010 Q1 report (number in '000):
- The Group recorded approximately 20% increase in the consolidated revenue from RM310.9 million in the preceding year corresponding quarter to RM373.6 million registered in the current quarter
under review can be attributed to the favourable upward trend experienced by the Group in the pricing of metallurgical coke and majority of the by-products in the current quarter
- The average prices of metallurgical coke, ammonium sulphate, crude benzene, tar oil, coal slime and middlings during the current quarter under review have increased by approximately 23%, 4%, 157%, 80%, 57% and 13% respectively compared with those of the preceding year corresponding quarter. Meanwhile, the price of coal gas has remained fairly constant in the current quarter compared to the same quarter last year
- Despite the seemingly favourable pricing of metallurgical coke and the majority of the by-products as mentioned above, the cost of sales have also increased by approximately 13% to RM367.9 million in the current quarter compared to RM324.5 million recorded in the preceding year corresponding quarter. This is primarily attributed to the significant increase in the average prices of raw material (i.e. coking coal) by approximately 29% in the current quarter compared to the average prices registered in the preceding year corresponding quarter
- The Group’s consolidated revenue of approximately RM373.6 million registered during the current quarter represents an increase of approximately 18% from approximately RM317.7 million in the preceding quarter ended 31 December 2009. The increase in revenue was primarily attributed to the higher average price of metallurgical coke coupled with favourable pricing of its by-products. The average metallurgical coke price has increased by 17% in the current quarter under review compared to that of recorded in the preceding quarter
- Cost of sales in the current quarter has correspondingly increased from RM318.6 million in the preceding quarter ended 31 December 2009 to RM367.9 million, an increase of approximately 15%. This was attributed to higher average coking coal price of approximately 18% in the current quarter compared to that of the preceding quarter
- Whilst the Group saw a gradual improvement in the average prices of metallurgical coke and the by-products during the current quarter under review, the extent of such improvements appeared to be inadequate to cover the extent of increase seen in the average prices of the coking coal. As a result, the Group continues to register a loss for the period of approximately RM2.5 million in the current quarter under review compared to a loss for the period of approximately RM2.3 million in the preceding quarter
- No estimate for next 4Q

My notes based on 2010 quarter 3 report (number in '000):-
- Group revenue increased by 17.8% as compared to corresponding quarter last year mainly due to the later timing of the Chinese New Year celebrations
- Group profit before tax was higher by 43.3% due to consistent volume growth, benefiting from the brand investments made during the first half of the financial year
- Group revenue decreased by 1.9% as compared to preceding quarter due to higher sales in the preceding quarter as a result of pre-budget speculative purchases by the trade
- Estimate next 4Q eps after 2010 Q3 result announced = 0.517 (10% grow from 0.47), estimate PE on current price 7.16 = 13.06(DPS 0.41)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.517, estimate highest/lowest PE = 13.17/12.13 (DPS 0.41)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.47, estimate highest/lowest PE = 15.23/13.17 (DPS 0.41)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.47, estimate highest/lowest PE = 15.47/12.9.6 (DPS 0.41)

My notes based on 2010 Q4 report (number in '000):
- Quarter to quarter, the Group’s sales revenue increased by 30.9% and profit before tax increased by 66.3%. The significant achievement in revenue and profit before tax is in line with the Group’s continuous expansion in production capacity, increase in demand, improvement in production processes and better cost control
- In the current quarter, the Group's revenue was 10.0% higher and the profit before tax was 19.1% higher when compared to the preceding quarter. The increase in profit before tax is due to increase in demand, effective cost control and increase in average selling price of both nitrile and latex gloves

My study based on 2010 Q1 report (number in '000):
- The Group achieved an improvement of 160.9% year-on-year for underwriting surplus. This result was mainly driven by improvements in the claims and management expenses. Operationally, the more stringent risk selection practice and efforts to control management expenses have continued to yield desired results
- The Group’s year-to-date results are mainly derived from KIMB. KAB’s foreign subsidiary, KII recorded net loss of RM0.578 million for the financial period under review. The share of profit from the equity-accounted associate company, KIT amounted to RM0.213 million
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0738 (2% drop from 0.0753), estimate PE on current price 0.52 = 7.05
- Estimate next 4Q eps after 2009 Q6 result announced = 0.0753, estimate highest/lowest PE = 8.9/6.71
- Estimate next 4Q eps after 2009 Q5 result announced = 0.0216*4 = 0.0864, estimate highest/lowest PE = 9.32/7.29
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0287*4 = 0.1148, estimate highest/lowest PE = 6.88/4.53
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0177*4 = 0.0708, estimate highest/lowest PE = 8.4/4.87

My notes based on 2010 Quarter 2 report (number in '000):-
- Group revenue for the quarter was 6.9% ahead of the corresponding quarter last year mainly driven by strong festive sales in soft drinks and improved sales in glass division
- Soft drinks revenue improved 19% with all main product portfolios registering strong volume
growth on the back of strong execution during the pre-festive run up
- Revenue of dairies division was flat as better domestic sales in Malaysia and Thailand/Indochina were offset by lower exports
- Glass division revenue grew 14% on higher sales volume in Vietnam and Thailand
- Group operating profit for the quarter improved 35.6% mainly on the back of the higher soft drinks volumes and lower input cost of the dairies division. Performance of the glass division improved because of one-time closure cost of the Petaling Jaya plant last year but was offset by higher energy cost and a weakening of the Vietnamese Dong exchange rate
- Property division recorded lower revenue as the construction work for Fraser Business Park is coming to an end

My study based on 2010 Quarter 4 report (number in '000):-
- The Group recorded a PBT of RM279.1 million (excluding gain on disposal of ships) in the fourth quarter, which was 49.3% higher than the corresponding quarter’s PBT of RM186.9 million. The increase was mainly due to higher profits in LNG and Offshore businesses. The Group's cost reduction efforts have led to lower operating costs thereby improving results as compared to the corresponding quarter
- The Group profit before taxation of RM279.1 million (excluding gain on disposal of ships) was 45.7% higher than the RM191.6 million profit recorded in the preceding quarter. The higher profit recorded arose mainly from increased profit in Offshore and Heavy Engineering businesses
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0509*4 = 0.2036, estimate PE on current price 8.82 = 41.6(DPS 0.35)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0457*4 = 0.1828, estimate highest/lowest PE = 48.03/40.65 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0457*4 = 0.1828, estimate highest/lowest PE = 47.37/40.59 (DPS 0.35)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0544*4 = 0.2176, estimate highest/lowest PE = 42/37.91 (DPS 0.35)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.058*4 = 0.232, estimate highest/lowest PE = 37.07/33.62 (DPS 0.35)

BRITISH AMERICAN TOBACCO (M) BERHAD provides day-to-day management and administrative services to its subsidiaries, which are principally engaged in the manufacture, importation and sale of cigarettes, pipe tobaccos and cigars. The Company's portfolio includes brands, such as Dunhill, Kent, Pall Mall, Benson & Hedges and Perilly’s. Its subsidiaries include Commercial Importers and Distributors Sdn. Bhd., which is engaged in investment holding; Commercial Marketers and Distributors Sdn. Bhd., which is engaged in the marketing and importation of cigarettes, pipe tobaccos and cigars; Rothmans Brands Sdn. Bhd., which is engaged holding trademarks; The Leaf Tobacco Development Corporation of Malaya Sdn. Bhd., which is engaged in the development and purchase of tobacco leaf; Tobacco Blenders and Manufacturers Sdn. Bhd., which provides warehousing space, and Tobacco Importers and Manufacturers Sdn. Bhd., which manufactures and sells cigarettes and other tobacco related products.

My notes based on 2010 Quarter 1 report (number in '000):-
- The Group’s volumes have declined by 2.9% in comparison to the same period last year impacted by consumers down trading and high levels of illicit trade
- Kent and Pall Mall which had grown by 0.2 and 0.3 percentage points respectively. Despite consumers down trading from the premium segment, Dunhill has remained resilient and maintained its market share for the year to date February in comparison to the same period last year. Within the premium segment, Dunhill has grown its market share by 0.7 percentage points
- The Group’s revenue was 1.3% higher, as higher excise led pricing and improved product mix was only partially offset by lower sales volumes. Profit from operations declined by 5.2% in comparison to the same period last year from higher costs of Dunhill Reloc packs and, timing of marketing and overhead expenditure. These additional costs were however partially offset by productivity and cost management initiatives implemented by the Group
- Estimate next 4Q eps after 2010 Q1 result announced = 2.4323(7% drop from 2.6154), estimate PE on current price 43.4 = 16.87(DPS 2.36)
- Estimate next 4Q eps after 2009 Q4 result announced = 2.4323, estimate highest/lowest PE = 17.82/16.06 (DPS 2.36)
- Estimate next 4Q eps after 2009 Q3 result announced = 2.4323, estimate highest/lowest PE = 17.99/16.1 (DPS 2.35)
- Estimate next 4Q eps after 2009 Q2 result announced = 2.8448, estimate highest/lowest PE = 16.36/14.54 (DPS 2.65)

My notes based on 2010 Quarter 1 report (number in '000):-
- For the first 3 months of 2010, the Group registered a turnover of 3.7% higher than the same period last year
- Exports representing 23% of total sales, achieved a double digit growth. This growth was mainly contributed by Nescafe products manufactured from the new lines invested last year and Non Dairy Creame
- The strengthening of the global economy and higher GDP growth forecasted by the Bank Negara, helped to improve local consumers' sentiments. To this effect, domestic sales further improved by 6.2% against prior quarter, and were higher by 0.7% against the same period last year
- Whilst the economic indicators showed a very positive sign for a strong recovery, this created higher demand for most of the major commodities, in particular Skimmed Mik Powder and Cocoa, the prices of which increased by more than 50% against the same period last year
- The above trend affected the Group's gross profit margin, which was 280 bps lower than the prior quarter. However, against the same period last year, the gross profit margin was higher by 160 bps, mainly due to better quality product mix and some exceptional items recorded in Q1 2009
- Operational expenses were exceptionally low in the first 3 months, mainly due to the timing of major marketing campaigns that are scheduled in the following quarters. This has allowed the Group to post a higher profit margin before tax of 16.7% and profit margin after tax of 13.6%
- Against the 4th quarter, the operational expenses were exceptionally low in the first 3 months, mainly due to the timing of major marketing campaigns that are scheduled in the following quarters. This has allowed the Group to post a higher profit margin before tax of 16.7% and profit margin after tax of 13.6%
- Estimate next 4Q eps after 2010 Q1 result announced = 1.56+0.1491+0.0357 = 1.7448(0.1491 from adjustment between 2009 Q1 eps and 2010 Q1 eps, 0.0357 from QbQ improvement adjustment), estimate PE on current price 35 = 19.2(DPS 1.5)
- Estimate next 4Q eps after 2009 Q4 result announced = 1.56(around 4% from 1.5002), estimate highest/lowest PE = 22.12/20.54 (DPS 1.5)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.4537, estimate highest/lowest PE = 23.06/21.12 (DPS 1.3)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.4537, estimate highest/lowest PE = 23.65/21.78 (DPS 1.3)
- Estimate next 4Q eps after 2009 Q1 result announced = 1.5264, estimate highest/lowest PE = 21.42/17.82 (DPS 1.3)

My study based on 2010 Quarter 1 report (number in '000):-
- The Group recorded a 6% growth of revenue from the previous year. This increase was due to encouraging subscriber acquisitions coupled with higher usage of mobile services. However, average revenue per user (“ARPU”) was lower at RM53 compared to the RM56 recorded in same quarter last year, mainly as a result of lower end-user prices
- Similarly, the Group’s earnings before interest, tax, depreciation and amortisation (“EBITDA”) also grew by 6% in the current quarter. Higher revenue as well as reduction of certain operating expenses in tandem with the Group’s ongoing operational efficiency initiatives contributed to the increased EBITDA. On the other hand, the Group saw an increase in sales and marketing expenses, and allowances for credit losses which rose in tandem with our growing postpaid revenue during the same period. Consequently, EBITDA margin was maintained at 44.6% for the current quarter (2009: 44.6%)
- The Group’s profit before tax (“PBT”) grew 1.88%, contributed mainly by the higher EBITDA, slightly off-set by the increased depreciation and amortisation related to the new prepaid billing platform launched during 2nd Quarter 2009
- Estimate next 4Q eps after 2010 Q1 result announced = 1.3254(3% grow from 1.2868), estimate PE on current price 22.68 = 15.5(DPS 2.13)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.317*4 = 1.268, estimate highest/lowest PE = 17.21/15.82 (DPS 1.78)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.3139*4 = 1.2556, estimate highest/lowest PE = 16.27/15.47 (DPS 1.77)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.3016*4 = 1.2064, estimate highest/lowest PE = 17.12/16.21 (DPS 1.75)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.3543*4 = 1.4172, estimate highest/lowest PE = 15.51/14.1 (DPS 1.62)

My notes based on 2010 quarter 1 report (number in '000):
- During the quarter under review, the Group recorded revenue of RM 473.95 million, representing an increase by 115% as compared to the corresponding quarter of the preceding year. The increase in revenue was mainly due to higher steel prices and a strong rebound in sales tonnage by more than double which were boosted by the economic growth and accelerated steel consumption in both local and international market
- The Group achieved a profit before tax of 213% higher as compared to a loss before tax for the corresponding quarter of the preceding year. The Group’s significant improvement in profitability was primarily driven by strong recovery in demand and higher productivity as compared to the loss position which was affected by depressed steel prices and higher overhead expenses necessarily incurred during the plant shutdown for upgrading works in the corresponding quarter of the preceding year
- The Group recorded 71% higher revenue compared to the revenue of the preceding quarter. The Group registered a higher PBT, mainly due to significantly higher sales tonnages and rising selling prices of various steel products in local and export markets during the quarter
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0591*4 = 0.2364, estimate PE on current price 2.88 = 12.06(DPS 0.03)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.048*4 = 0.192, estimate highest/lowest PE = 15.68/13.54 (DPS 0.03)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0682*4 = 0.2728, estimate highest/lowest PE = 12.17/8.69 (DPS 0.03)

My notes based on 2010 quarter 2 report (number in '000):
- Revenues for the quarter under review declined year-on-year by 0.8%. Gross margins however rose by nearly 1.2% to 51.1% over the same quarters, causing absolute gross profits to improve by about 1.5%. With Chinese New Year in 2010 falling late in February, retail buying in December of 2009 had been fairly sluggish as most consumers deferred their spending in preference for newer merchandise that would be offered during the Jan / Feb months of the new year. It is noted that though total revenues fell, the fall was caused actually by a drop in the value of exports, from about RM12.2 million in the same quarter last year to RM8.55 million this year. If the fall in exports was taken out, it can be seen that domestic sales had actually risen by about RM2.6 million year-on-year
- Profit before taxation for the current quarter on the other hand fell about 20.4% year-on-year and this reduction was caused primarily by operating expenses for the current quarter rising by 9.3% from those incurred in the previous year’s same quarter. The bulk of this increase arose from increased spending for advertising & promotion, rentals, depreciation, yearly bonuses, and for the increased provisions made for loyalty points to be awarded to our card members
- Compared to the previous quarter, revenue for the quarter under review had declined by 8.8%. This decline can be attributed to firstly the current quarter being affected by the longer Chinese New Year season occurring in 2010, and secondly to the exceptionally robust sales that had resulted from the Merdeka mega sales and the Hari Raya festive shopping which fell within the previous quarter. Despite the higher gross margins earned during the quarter reviewed, its profit before taxation fell by 38.5% when compared to the same made in the previous quarter. This decline is primarily attributed to the reduced gross profits earned, as well as to an increase in operating expenses and provisions made for loyalty points
- Estimate next 4Q eps after 2010 Q2 result announced = 0.4074 (around 10% grow from 0.3765, expect next quarter strong due to chinese new year), estimate PE on current price 3.88 = 9.34(DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.4074, estimate highest/lowest PE = 10.22/7.08 (DPS 0.135)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.4074, estimate highest/lowest PE = 7.38/6.27 (DPS 0.135)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.389, estimate highest/lowest PE = 6.71/5.78 (DPS 0.14)

My notes based on 2009 quarter 4 report (number in '000):
- Group revenue for continuing operations was 19% lower than last year. The decrease was mainly due to lower revenue registered by the flour and feed milling in line with the lower prices of soft commodities, environmental engineering, chemicals trading and manufacturing divisions
- Group profit before tax for continuing operations recorded an increase of about 19% from last year. The increase was mainly due to higher contribution from Wilmar International Limited (“Wilmar”), an associate of the Group. The flour and feed milling division however registered lower profits despite higher sales volume due to reduced selling prices of flour, whilst the Group’s shipping operation was affected by low global charter hire rates
- Net profit after tax from discontinued operations was higher when compared with last year due mainly to increase in sugar sales volume and better operating margins
- Group profit before tax for continuing operations for the quarter under review was 36% lower compared with the preceding quarter. This was mainly due to lower profit contribution from Wilmar in the current quarter. The grains trading, flour and feed milling divisions also recorded lower profits as a result of lower selling prices
- Net profit after tax from discontinued operations was higher when compared with the preceding quarter due mainly to increase in sugar sales volume
- Estimate next 4Q eps after 2009 Q4 result announced = 1.2268 (10% drop from 1.3631), estimate PE on current price 17.82 = 13.93(DPS 0.73)
- Estimate next 4Q eps after 2009 Q3 result announced = 1.2357, estimate highest/lowest PE = 13.15/11.79 (DPS 0.73)
- Estimate next 4Q eps after 2009 Q2 result announced = 1.2152, estimate highest/lowest PE = 13.13/12.22 (DPS 0.23)
- Estimate next 4Q eps after 2009 Q1 result announced = 1.0309, estimate highest/lowest PE = 14.7/9.96 (DPS 0.23)